TaxTMI 
TaxTMI 
Real estate cash transactions
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....eal estate cash transactions<br> Query (Issue) Started By: - NRI owner Dated:- 28-2-2017 Last Reply Date:- 5-1-2018 Accounting - Auditing<br>Got 1 Reply<br>Companies Law<br>I purchased a property 3yrs....
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.... back with 100% white money. But the seller insisted on paying in cash. I ended up paying in cash in 2Crs. and closed the bank account as i moved from that area. Now income tax dept is asking for ....
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....old bank transactions. Will I be in trouble if income tax dept finds out that i paid in cash? if so, what kind of trouble would it be? Will they have authority to fine me because i withdrew white cash....
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....? Reply By MARIAPPAN GOVINDARAJAN: The Reply: If you are in business and you add this amount as an expenditure, then such expenditure will be disallowed as the payment exceeding ₹ 20,000/- is ....
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....paid in cash instead of cheque. But withdrawing cash is not bothered. The said amount may be retained with you and you may spend in a phased manner.<br> Discussion Forum - Knowledge Sharing ....